Islamic Account Checklist

How to use this checklist

Print or copy this list. Take the broker questions to the broker's official documentation (not the marketing page). Take the scholar questions to a qualified Islamic finance scholar familiar with modern markets. Don't fund the account until both columns are answered.

Broker-side questions

Swap mechanics

• Is swap explicitly set to zero on every instrument you plan to trade?
• Is the swap-free account a separate account type, or a flag on the regular account?
• Where in the broker's official documentation is the swap-free policy described? (Marketing pages don't count.)

Replacement fees

• Is there an administration / holding / replacement fee after a holding period?
• If yes, after how many days does it begin?
• Is the fee per lot, per day, flat, or tiered?
• Is the fee charged on weekends? On holidays?
• Where in the official documentation is the replacement fee disclosed?

Spreads & commission

• Are spreads on the swap-free account identical to the regular account?
• Are commissions identical?
• If different, by how much, on which instruments?

Eligibility

• Is swap-free granted automatically based on country, or must you apply?
• Is documentation required (proof of religion, residence)?
• Can swap-free status be revoked? Under what conditions?
• Is there a time limit (e.g. 30 days) after which it reverts to standard?

Eligible instruments

• Which instruments are swap-free? (Often: FX majors, gold.)
• Which are excluded? (Often: exotics, crypto CFDs, some indices.)
• For instruments you actually trade, does swap-free apply?

Account & entity

• Which legal entity will open your account?
• Which regulator licenses that entity?
• Does the swap-free account have the same negative-balance protection as the regular account?
• Are leverage limits the same on swap-free as on the regular account?

Scholar-side questions

On the structure

• Does removing swap (without replacement fees) satisfy the riba concern in your view?
• How do you treat administration / holding fees that replace swap?
• Do you distinguish CFD trading from spot exchange in your ruling?
• What is your view on qabd (possession) in electronically settled contracts?

On leverage

• What level of leverage, if any, is acceptable in your view?
• Does leverage on a swap-free account change your assessment versus an unleveraged spot trade?

On approach

• Does the manner of trading (planned, journalled, risk-capped) versus pure speculation affect your assessment?
• Are there instruments you treat differently (gold versus FX versus indices versus crypto)?

On personal application

• Given my specific account, broker, instruments, and approach — can you advise whether this fits within your ruling?
• Are there conditions you'd ask me to commit to (e.g. no overnight holds, capped leverage, specific instruments only)?

Self-side questions

• Am I trading with capital I can afford to lose?
• Do I have a written plan, journal, and risk-management framework?
• Am I comfortable with the scholarly position I'm following — or am I shopping for the most permissive answer?
• If new evidence or scholarship changes my view, am I willing to stop?

Next

• Swap-Free Accounts Explained
• Swap-Free Broker Comparison
• Halal Trading Quiz